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Skipton puts HML up for sale

Skipton Building Society is searching for a potential buyer for its third-party mortgage servicer subsidiary HML, Money Marketing understands.

It is understood that Skipton has issued a prospectus detailing its sales terms. It is not known if there has been any interest from potential buyers. Sources suggest Skipton has been looking to offload its non-core businesses in recent years.

Money Marketing revealed last August that Skipton was in talks with LSL Property Services over a deal for Pink Home loans, which eventually completed in October for £1.59m.

HML has had two high-profile account losses since the end of last year. In December, Money Marketing revealed GMAC-RFC had decided to bring administration of its £3.6bn mortgage book in-house. In January, Nat-ionwide Building Society decided to administer its own £2bn combined mortgage book.

The account losses have brought HML’s assets under management down from £44.5bn to £39bn.

HML has also cut around 550 jobs since March 2010, bringing its total workforce to just under 1,500.

Skipton and HML refused to comment.

London & Country head of communications David Hollingworth says: “Skipton is clearly going to keep everything in the group under evaluation and is reconciling which bits it does and does not want to keep.”

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22nd February 201912:00 pm

Comments

There is one comment at the moment, we would love to hear your opinion too.

Skipton have been trying to off load HML for the last few years in fact since 2008 when the market crashed. Skipton separated their pay negotiations a couple of years ago and there has been rumours on here and mortgage strategy since 2009. HML also have their new headquarters so its no real suprise!

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